Malta’s fuel prices do not reflect international rates. The price of petrol increased 5c (3.5%) as from 1 August 2012 as the consignment bought in July was, according to Enemalta, 7.8% more expensive.
This increase nearly neutralised the 6c reduction in price given last month, making petrol only 1c cheaper than it was in April and May.
However, the international price of petrol in dollars in July was still more than 17 per cent cheaper (11.5 per cent cheaper in euros) than in April, on which the petrol price for May had been based.
Labour Party spokesman for the Economy Charles Mangion said that if local prices were to really reflect international ones, the price of petrol in August should have been 9c cheaper than announced.
In the case of diesel, the local price for August was, according to Enemalta, based on the international price for June.
However, had the rates really been based on the international prices, the price of diesel should have been reduced by another 6c.
The consumer is suffering for the losses but not gaining anything in return when the international prices are reduced.
The Malta Resources Authority needs to give Maltese and Gozitan consumers a detailed explanation. The Authority's function should be to protect the consumer and not to protect the wrong decisions made by GonziPN.